Kennedy Funding Financial LLC (KFF) recently closed a $1.65-million loan for Florida commercial nursery businesses to complete a two-site acquisition.
“The borrower has just purchased two large nurseries with greenhouses totaling in excess of 800,000 square feet for $2 million,” KFF CEO Kevin Wolfer said. KFF makes its headquarters in Englewood Cliffs, New Jersey. “We provided $1.65 million toward the acquisition. On a cost basis, we lent 82 percent of the purchase price.”
KFF will service the two-year, interest-only loan for Jolly Products & Services Inc. and Peckett’s Inc., operators of Round Lake Road Nursery in Apopka, Florida. Both companies plan to continue operating the properties as a nursery.
The first property is a 498,000-square-foot nursery with improvements spanning over 19 acres at 5643-5715 Round Lake Road in Apopka. The second property in the deal, at 6448 Plymouth Sorrento Road — also in Apopka — comprises 305,248 square feet on more than 22 acres.
Kennedy Funding Financial has closed over $2.5 billion in loans since 1985, helping clients by creating specially tailored funding solutions such as commercial bridge loans for acquisition, construction, land, development, workouts, bankruptcies and foreclosures.